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Learn MoreNew York passed its 2021-2022 budget bill, a $212 billion dollar spending package that primarily increases taxes on high earning individuals and businesses. Below are the five areas affected taxpayers need to consider. 1. Three New Tax Brackets for Individuals New York will increase tax rates...
Read MoreThe governor of Illinois has signaled his support for the state’s 2021 Budget Bill, a $42 billion dollar spending package. While the bill does not increase personal income tax rates, it does effectively increase taxes on businesses and their owners by closing several “tax loopholes” identified by...
Read MoreWith the recent signing of the Senate Bill 18 (SB 18), or the Ohio Conformity Bill, the state has made some noteworthy changes for taxpayers. 1. State Individual Extension Conformity Ohio has postponed the filing deadline for state tax returns to May 17, 2021, following the federal...
Read MoreAs the COVID-19 pandemic continues, many businesses have seen their open receivables accounts swell. As you make tough decisions around writing off receivables, it is important to also consider the state sales tax and gross receipts tax implications. Many state taxing authorities allow for a bad...
Read MoreStay-at-home orders sparked by the COVID-19 pandemic have resulted in mass business closures, hence, leading to dramatic reductions in state tax revenue. While the full financial impact will not be known for months or even years, we do know that state budget shortfalls are projected to be in the...
Read MoreThe past nine weeks have been a challenge for all Ohioans as we navigate unchartered waters. However, our Ohio legislators have not let countless obstacles deter them from identifying means to support businesses and employees. Ohio is presently drafting legislation (SB 308) to provide civil...
Read MoreAs we continue to monitor and interpret state responses and guidance related to the COVID-19 pandemic, Hannah Prengler offers additional analysis regarding Ohio’s relief efforts for businesses, including: Ohio House Bill 197, Ohio’s conformity to the CARES Act, Employer opportunities with...
Read MoreOver the past several weeks, there has been a significant shift from working in the office to working from home as businesses and employees comply with "stay at home" orders across the country. However, businesses that have employees teleworking outside the office could be creating a “presence,” or...
Read MoreAs states continue to offer tax return filing, payment deferrals and other assistance measures in light of the COVID-19 pandemic, we take a closer look at Illinois. Learn more about relief efforts identified in other states in which our firm is located in our easy-to-use spreadsheet...
Read MoreIn light of the COVID-19 pandemic, states continue to offer tax return filing and payment deferrals as well as other assistance measures, including employee retention and loan/financial assistance programs. Below highlights Pennsylvania’s efforts. To learn more about relief efforts identified in...
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